01 The year 2022 is not the time for binge consumption. So get your overspending under control. Stop treating your credit cards like debit cards and see how best you can cut corners and costs. This will not only put a lower financial burden on you but also leave you with more savings. Revenge consumption is OK as long as you don’t have to pay.
02 Build a passive income stream. This is something most of us tend to overlook. See how you can put your tangible and intangible assets to better use. Is your property lying idle? Are any of your assets lying idle? Do you have the scope to use some of your unique skills for building a second line of income. All these should be focus areas.
03 Review hidden costs on banks, bills, credit cards. Your bank quietly bills you for average balance, ATM withdrawals, third party ATM withdrawals, cash transactions, IMPS transfers etc. Add these up and see which bank does not fleece you. Pay your utility bills on time late payment penalties are huge.
04 It is time to review your retirement plan. If you have made aggressive assumptions about the money growing, then tone it down. If it means you have to save more, this is the time to start.
05 Build a good credit score to become ‘credit ready’. Even if you think that you do not require a loan or credit card at present or in near future, it’s still a prudent move to start building your credit score in order to remain credit ready for the future.